Crypto analyst Captain Faibik has shared an analysis of Polkadot (DOT) on X, predicting a potential bullish rally in the coming months. Per Faibik, DOT may have found its bottom and is positioned for a strong rebound.
Moreover, this is of course with the momentum expected in the fourth quarter of the year. His call for mid-term accumulation is gaining attention among traders and investors anticipating a shift in DOT’s price action.
DOT’s Price Action
Polkadot has been experiencing a steady downtrend over the past months, confined within a descending channel pattern. This pattern, marked by two parallel trendlines, has seen DOT consistently forming lower highs and lower lows since its peak.
$DOT appears to have found its Bottom and is showing signs of attempting a Strong Rebound.!!Keep Accumulating for the Midterm, Expecting Massive Bullish Rally in Q4. #Crypto #DOT #DOTUSDT pic.twitter.com/lmuAKB82Zt
— Captain Faibik (@CryptoFaibik) September 13, 2024
While this downtrend has been ongoing, such channels often signal a potential reversal if a breakout occurs. Faibik’s analysis suggests that DOT may be nearing the lower boundary of the descending channel, aligning with his prediction that the token is at or near its local bottom.
This positioning, combined with the price’s recent upward momentum, has prompted discussions about an upcoming breakout. Accumulation around this level appears to be underway, as traders and investors position themselves for a potential price surge.
Captain Faibik’s Q4 Bullish Rally Prediction
Captain Faibik’s tweet emphasized the possibility of a strong rebound, specifically expecting a bullish rally in the fourth quarter. His analysis encourages accumulation during the current phase in anticipation of a substantial price increase.
If Polkadot successfully breaks through the upper trendline of the descending channel, this could confirm the start of a bullish trend, potentially leading to the predicted rally.
Faibik’s prediction is based on chart signals that indicate a shift in market sentiment, with traders closely watching for a breakout to confirm the reversal. The forecasted rally in Q4 would likely coincide with DOT’s movement beyond the upper trendline, signaling a shift from bearish momentum to bullish territory.
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The Broader Outlook for Polkadot
Even though Polkadot’s price has been going down for a long time, there are signs of support at the bottom of the descending range. This could mean a change in direction.
Like Faibik thought, if the price keeps going up and breaks out of this channel, it could lead to a recovery in the coming months. The accumulation phase may also play a critical role, with market participants likely preparing for this potential move.
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The post This Crypto Trader Expects ‘Massive’ Bullish Rally for Polkadot (DOT) appeared first on CaptainAltcoin.
